DIT teams up with Bank of Ireland to launch new Student Loan Scheme

10 August, 2012: DIT has announced a new loan scheme for undergraduate students, provided by Bank of Ireland, to cover the cost of the Student Contribution Charge, which is currently €2,250 per annum.

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The loan is available to parents or guardians of undergraduate students over a period of up to eight years.

Announcing the new loan scheme, Noel Gallagher, Directorate of Finance & Resources, DIT , said, “DIT is very aware that the payment of the Student Contribution Charge can be a challenge for many students and their families and we are delighted to launch this product with Bank of Ireland in support of our students and we hope that this scheme will help ease the financial strain on many students and their families.

The loan is available to cover the full cost of the Student Contribution Charge for the undergraduate course. The new loan scheme is designed to give parents/guardians and students’ peace of mind as the full loan, for the duration of the course, is approved up front.  The loan is offered at a preferred rate for the length of the course, for up to five years. Once the course is completed the standard Graduate loan interest rate applies and the loan is repaid over three years.

Commenting on the initiative, a spokesperson from Bank of Ireland, said, “Bank of Ireland is proud to be able to deliver meaningful products and services to Ireland’s students and graduates. We are very conscious that in the current economic climate Ireland’s future generation of employees need initiatives such as this to enable them up-skill for a changed environment. We look forward to working with DIT students and their parents/guardians to provide finance to enhance their skills and their prospects for their future careers”.

DIT is one of 25 Higher Education Institutions participating in the new Loan scheme, and only parents / guardians of students attending participating institutions are eligible to apply.  Full details of the scheme, interest rates etc are available on Bank of Ireland’s website https://personalbanking.bankofireland.com/loans/college-finance-loan/ 

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